What is a 1099-S Form?

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IRS Form 1099-S - A Complete Overview

Updated on January 26, 2023 - 10:30 AM by Admin, TaxBandits

The IRS Form 1099-S is a part of the 1099 Series of forms. This series of IRS tax forms is used to report a variety of different non-payroll payments. When it comes to the Form 1099-S, there are specific filing requirements. Keep reading for a thorough overview to file Form 1099-S.

In this article, we cover the following topics:

1. What is Form 1099-S?

According to the IRS, Form 1099-S is used to report proceeds from real estate transactions, this includes both sales and exchanges of property. This includes sales or exchanges related to improved or unimproved land (including air space); permanent structures that are commercial, residential, or industrial in nature; condominium units, stock in cooperative housing corporations, and non-contingent interest in standing lumber.

2. Who needs to file Form 1099-S?

The individual that closed the transaction is generally required to file Form 1099-S, but this is not always the case. There are some exceptions and alternate circumstances. For example, if a designation agreement was drafted and entered into, this agreement determines who must file Form 1099-S. When there are multiple transferors involved in the closing process, each one will need to file a separate 1099-S.

3. What information must be reported on Form 1099-S?

There is a series of specific information that must be provided on Form 1099-S. This includes, but is not limited to the closing date of the transaction, the gross proceeds, and the address of the property. The individual filing Form 1099-S will also need to indicate if the transferor is a foreign person and enter the buyer’s part of the real estate tax.

4. What is the deadline to file Form 1099-S?

The Form 1099-S deadlineto file with the IRS is no later than March 31, 2023. In addition to filing with the IRS, a recipient copy must be provided to the transferors. The deadline to distribute copies of Form 1099-S is February 15, 2023.

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5. Advantages of e-filing Form 1099-S with TaxBandits

There are many benefits of e-filing your Form 1099-S with TaxBandits. First, you can take advantage of our easy and intuitive e-filing process. With built-in error checks against the IRS Business Rules and automatic calculations, TaxBandits promotes the accuracy of your forms. We also run USPS Validations to ensure that your recipient copies arrive at a valid address.

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